Bluescope Steel (ASX: BSL) will apply for a $100 million assistance from the Australian government's Steel Transformation Plan (STP) which accepted on Monday applications from eligible companies for competitiveness assistance advances.
Productivity in Australia declined for the fifth straight quarter in two years, going down to 0.2 per cent in the September quarter.
The $2.25 billion buyout by Whitehaven Coal (ASX: WHC) of Aston Resources (ASX: AZT) will create the largest independent publicly traded coal company in Australia. Besides Aston, which is owned by Nathan Tinkler, Whitehaven also agreed to buy Boardwalk Resources for $499.8 million.
Australian share markets are seen opening positively this week following the strong signals from the European stock markets. Analysts from CMC Markets, Commonwealth Securities, IG Markets, and OptionsXpress share their views as to what direction the local equity markets will go on this first trading day.
U.S. stocks wrapped up a second straight week of gains as the euro zone's latest plan to fix its debt crisis overshadowed some disappointing forecasts from big U.S. companies. The Dow Jones Industrial Average advanced 187 points, or 1.6%, to 12184.26, undoing most of the previous day's sharp losses.
From Morrison Securities:
U.S. stocks fell in afternoon trading as investor focus shifted from disappointment over the European Central Bank to the closely watched summit on Europe's sovereign-debt crisis. The Dow Jones Industrial Average lost 171 points, or 1.4%, to 12026 in recent action. The Standard & Poor's 500-stock index shed 23 points, or 1.8%, to 1238 and the Nasdaq Composite lost 42 points, or 1.6%, to 2607.
Mining firm Atlantic (ASX: ATI), based in Perth, has admitted on Thursday there are delays in reviving its Windimurra vanadium mine in Western Australia. To address the delay, the firm will resume trading after a self-imposed trading halt.
The Australian Industry Group Australian Performance of Construction Index was 4.9 points stronger in November at 39.6, although it was still well below the 50 point level separating expansion from contraction. November marked the 18th straight month the national construction industry index has been in the red.
Xstrata Copper's shift to underground from open pit mining has extended the life of its Ernest Henry mine for 12 years. It also provides ongoing economic security for the Cloncurry community where the mine is located, said Myles Johnston, the general manager of the mines.
Woodside Petroleum said on Wednesday that there would be no delay on its $30-billion liquefied natural gas (LNG) project in Western Australia (WA) despite an adverse court decision.
Overnight US market closed higher after a mid-session glitch that saw the index slide over 50points on the news that the Financial Times, out of London, had reported the rating agency Standard's & Poor's was likely to cut 6 key European nations AAA credit ratings. After the initial shock the market turned higher. Dow Jones Index and NASDAQ both ended stronger.
Alliance Resources (ASX: AGS) disclosed on Monday that it has settled its legal dispute with venture partner, Heathgate, paving the way for the fifth uranium mine in Australia.
Bell FX Currency Outlook:
The AUD is slightly stronger this morning after news filtered out of Europe that plans for a new treaty and fiscal rules in the region has been agreed upon.
U.S. stocks were ahead but off session highs Monday afternoon after a Financial Times report claiming that Standard & Poor's warned six triple A-rated euro-zone members that they may suffer ratings downgrades as a result of the deepening sovereign-debt crisis.
From Craig James, Commsec Chief EconomistUS non-farm payrolls (employment) rose by 120,000 in November, in line with market expectations. Private payrolls rose by 140,000, the jobless rate fell from 9.0pct to a 2-1/2 year low of 8.6pct and average earnings fell by 0.1pct.
From Morrison Securities:
U.S. stocks finished barely changed in Friday's session to cap a strong week after the U.S. unemployment rate unexpectedly dropped and European leaders and central bankers redoubled efforts to tackle the sovereign-debt crisis.
Asia Iron Australia broke ground on Friday on its Extension Hill Magnetite Project in the mid West. The project is expected to yield 10 million tonnes per annum of high-grade iron ore magnetite over 40 years.
Mackay Conservation Group is opposing the planned expansion of the Abbot Point coal port north of Townsville in Queensland. The group is against the increase in number of coal terminals to nine from the current three because of the impact of the expansion on waterways and communities within a 500-kilometre radius of the port.
From Morrison Securities:
U.S. stocks were little changed in afternoon trading Thursday, a day after a blowout rally, as headlines from Europe kept traders on the defensive but strength in the technology sector limited losses. The Dow Jones Industrial Average shed 6 points, or 0.1%, to 12049 recently, shaving off a sliver of the previous session's 490-point surge.
Industrial disputes filed by employees and workers in Australia rose to 66 during the September period resulting in more working days lost and industries paralyzed, according to the Australia Bureau of Statistics (ABS).
The Senate Committee of Rural Affairs and Transport recommended on Wednesday the suspension of all new coal seam gas (CSG) projects in areas where it would tap into the Great Artesian Basin. The 12 recommendations are based on the potential of CSG ventures to contaminate underground water.
BCD Resources announced on Wednesday the closure of its 134-year-old Beaconsfield gold mine in Tasmania by June 2012. BCD Chief Executive Peter Thompson explained the planned shuttering to exhaustion of gold resources.
Manufacturing activity remained flat in November according to the latest Australian Industry Group - PwC Australian Performance of Manufacturing Index (Australian PMI®). The Australian PMI® was broadly unchanged, up just 0.4 points to 47.8, to remain below the 50 points level separating expansion from contraction.
Minmetals Resources Limited (HKSE:1208) ("MMR") has appointed mining industry stalwart Anthony Larkin as an independent non-executive director of the company to further strengthen the board's project risk assessment capabilities.
In line with global trends for more environment-friendly vehicles, the Australian Automobile Association (AAA) picked on Wednesday the Ford Falcon EcoLPi as one of the best cars in the country.
Giant Australian miner BHP Billiton (ASX: BHP) plans to leave the diamond mining business and instead focus on long-life and expandable assets. The company said it is considering selling its diamond interests in Canada's Ekati mine and Chidliak exploration venture.
Large Australian mining companies warned of the impact of worsening European debt crisis on their financial operations, particularly availability of credit.
Mindoro Resources Ltd (TSX VENTURE: MIO) (ASX: MDO) (FRANKFURT:WKN 906167) announced that it has received commitments for C$1.2 million in Australia under its Private Placement which was announced on 22 November 2011. Trading of the Company's CDIs on the ASX will re-commence today. The Lead Manager of the Australian component of the Private Placement is DJ Carmichael Pty Ltd based in Perth.
The mining consultant of Surbiton Associated doubts the Greens' estimate of the Australian gold industry in relation to how much the mining tax would generate if it would to apply to the gold industry.
Rio Tinto and Chinalco joint venture (JV) for exploration in China - Chinalco Rio Tinto Exploration Co. Ltd. (CRTX) - has been officially registered as a business in China.